Live From Davos: Ray Dalio, Christine Lagarde And Larry Summers Discuss How To Fix The “Middle Class Crisis”
Posted by Tyler Durden on January 18, 2017 7:08 am
Tags: Bridgewater, Bridgewater Associates, Davos, Economy, Finance, fixed, International Monetary Fund, Lagarde, Larry Summers, MONEY, Pier Carlo Padoan, Populism, Ray Dalio, Social Issues, United Nations
Categories: Bridgewater Bridgewater Associates Davos Economy Finance fixed International Monetary Fund Lagarde Larry Summers money Pier Carlo Padoan Populism Ray Dalio Social Issues United Nations
How do you know with certainty that Davos has not only jumped the shark, but has become a parody of itself? One answer: when you have a handful of semi, and not so semi, billionaires – perplexed by the populist backlash of the past year – sit down and discuss among each other how a “Squeezed and Angry” middle-class should be fixed.
As Davos puts it, “once the lynchpin of developed economies, it’s now threatened by job losses and stagnant wages, paving the way for the rise of populism. In emerging markets, middle class growth rates are stalling. Have middle class problems been forgotten?” It asks rhetorically “What can be done?”
Apparently the answer is to have three people completely disconnected from the real world, sit down and provide “answers.”:
In this session, starting at 0800 GMT, IMF Managing Director Christine Lagarde, Italian Finance Minister Pier Carlo Padoan and Founder, Chairman and Co-CIO of Bridgewater Associates, Ray Dalio, discuss what’s needed to restore growth in the middle class and confidence in the future.
And then they wonder why the annual Davos echo chamber boondoggle has become not only a global farce, but a symbol of everything that is wrong with globalization today…
Watch it live below